General Forum, page-832

Value is not being recognised because of the value leakage to management/board, poor cost management, and funding barely keeping coy afloat. A company of this size needs a CEO with low base and high equity incentive, NOT high salary and high incentives. But hey, see below on the governance around the Remuneration Committee!

Well run companies with good governance, and a great marketing and investor relations plan get recognised globally. eg AfterPay, Wisetech, Xero. Ask yourself why CDX can't get a reputable broker to cover them?!

Again I say YOU DON'T NEED TO BE LISTED IN THE US TO MARKET TO US CAPITAL!!!!!!!

Investment banks saying you need to list in the US for valuation purposes or to access capital are just feathering their own nest of pandering to naive/inexperienced managers. The US is littered with companies which should never have left their own market! Even large ASX listed companies are abandoning their ADR programs.

CDX also needs an independent chairman or majority independent board. What are the KPIs for the CEO to justify his performance? Nothing in the rem report ... 1 page of waffle in the last Annual Report (p18)

Review of the Chair's remuneration is in his absence however the CEO has a say yet isn't he clearly conflicted as he is the Chair's partner via C2 Ventures?!.. and the Finance Director reports to the CEO. Governance is incredibly poor.

Oh, and there's a Remuneration & Noms Committee which is supposed to have a majority of Non-Exec Exec Commitee members however the Charter was last reviewed in 2018 and there is no reference in the Annual Report that the Committee (or any committee!) even had a meeting? ... DIRECTORS DUTIES!!

The Governance Statement says the Remuneration Committee only needs two members including the Chairman... and says it's OK to only have two and not majority independent..... c'mon people!

Wholesale money (even in the US) would be concerned with this governance structure. If I was a sophisticated US investor I'd only want to come in via a pref or convertible which would push risk down onto Aussie equity investors.

Don't get me wrong, I'd welcome buying into this but won't until I see more pain in the share price from existing corporate decisions and next capital raising being priced at a discount to current fledgling share price, and some acknowledgment by the Board that they need to address the Governance.

Right now the Aussie shareholders are like frogs in a pot of water on its way to boiling point.....tick tock